Home buying is timelessly involved with risks of various proportions. Owing to this, buyers are always cautious while purchasing their home. If it is for a first time buyer, home buying is like a dreadful nightmare or like a person who migrated to land and not familiar with the language of the state.
The documents related to real estate will comprise of jargons which fits to the real estate domain and will be quite unfamiliar for most of the buyers, especially first time buyers. Here are some of the real estate jargons that help you while buying your dream property:
This is a document of approval that should be received from the local authorities before the construction work is started. Obtaining commencement certificate is mandatory for apartment complexes. Make sure that you obtain these documents before signing any documents on purchasing a pre-launch or under construction property.
Common areas are those area, amenities of an apartment complex for which the all the unit owners will share the expenses for maintenance commonly. This may comprise of swimming pools, tennis courts, gymnasiums, besides some areas of the complex and car parking.
If a property is tagged as a freehold property, then it gives its owners full control on the land and its construction on it. The owners of freehold property can sell, transfer, lease or mortgage the property. The records for freehold properties can be found from sub-registrar’s office.
This might be quite familiar, but still needs to be given major attention. Stamp duty is the way Centre collects the tax on a property. The buyer needs to pay the stamp duty for agricultural lands or non-agricultural lands, independent houses flats and commercial units.